Seeing a letter from the Internal Revenue Service (IRS) in your mailbox might make your heart skip a beat. Even though you always pay your taxes on time and believe you have paid them in full, a letter from the IRS is often the sign that there has been an issue. If...
If you owe money to the Internal Revenue Service (IRS) because you underpaid your taxes, you will have to pay them back, likely with interest. Failing to pay what you owe in full could quickly lead to an audit or even criminal charges. Not everyone has the resources...
Tax fraud includes when a business or individual willfully and intentionally submits false information on a tax return. They do this to avoid tax obligations. Some common kinds of tax fraud include making false deductions, using a false Social Security Number (SSN) or...
Perhaps you made a mistake on your taxes last year, triggering an in-depth review. Maybe you were simply randomly selected and what information the Internal Revenue Service (IRS) found made them suspect fraud or other tax-related misconduct. Once you receive notice...
Receiving notice that the Internal Revenue Service (IRS) intends to audit your finances could make you feel frightened and panicked. Even if you have always done your best to meet all of your tax obligations, it is common to worry that you may have made a mistake. ...
If you’re getting divorced, you may not be thinking about your taxes. It’s a good idea to do so, though, because there could be tax implications depending on the way you move forward and how you divide your assets. If you own a company or substantial assets, it’s even...
The Collection Due Process appeal is your opportunity to seek an independent review of your tax assessment to be sure that the Internal Revenue Service has not made a mistake. The CDP appeal is used to appeal any enforcement actions, such as federal tax liens,...
If you’re looking at a tax bill that you cannot afford at the moment, one potential option is to ask the IRS to agree to an installment plan. Essentially, they give you an extended time frame and you must make installment payments on a set schedule until the debt is...
Tax fraud is the illegal and intentional act of falsifying your taxes in order to reduce what you pay. The intent is important. Simply making a mistake on your taxes is not the same. Many people make mistakes and will never face criminal charges or serious...
If you’re required to pay federal income tax, and you probably are, it’s critical that you do so with good intentions. Sure, you may make mistakes every now and again, but as long as you have the right intentions you should never find yourself facing criminal charges....